“In bitcoin we trust!” Accepting payments in 31 digital currencies
- September 26, 2017
We're the first transport company to accept payments in cryptocurrency
Bitcoin and other cryptocurrencies are taking over the world, and they already took over our online ordering process.
Today, there are hundreds of different digital currencies: We have selected the 31 most used ones for payments at Teahouse Transport.
No one knows which currency will prevail and take over the entire planet.
Facebook was just another social network attempt in the beginning. Google was once the 22nd search engine. But who remembers the twenty-one search engines that came before it?
Cryptocurrencies are said to be where the Internet was in the early 1990s today.
If this is true, we have a lot to look forward to.
Which cryptocurrencies can you use with us
There are 31 in total – and these are the following:
Bitcoin, Litecoin, Monero, Ethereum, Ethereum Classic, Dash, Zcash, EOS, Ripple, Stellar Lumen, Dogecoin, Augur, Iconomi, Melon, Gnosis, Bitcoin Cash, Steem, EOS, Iota, MaidSafeCoin, Golem, OmiseGO, BitShares, Factom, Omni, Lisk, Tether USD, Stratis, Bytecoin, Gas a Gnosis.
When paying online, click on cryptocurrency – and choose your currency
Which one is your favorite? Are any missing?
Comment below the article, we'd like to know. We may introduce some of the suggested currencies. So that you'll have even more choice.
(BTW, if you don't know Teahouse - on our web, you can order international door-to-door shipments from anywhere to anywhere else.)
It's all in the blockchain
All cryptocurrencies work through revolutionary blockchain technology – a kind of decentralized database.
It's not just for digital currencies, though. In their case, however, it works as an accounting book where user transactions are stored.
The trick is that this database is protected against unauthorized interference both from the outside and from the network users themselves.
We highly recommend the 18-minute TED lecture by Don Tapscott, in which he clearly explains what a great revolution it is today:
There is really something going on, judging by the reaction of the Bank of England.
They are usually reluctant to accept such technologies, but in its last year's article it labeled the blockchain a "significant innovation", which may have "far-reaching consequences" for many industries.
Probably the biggest news of the year was the decision by South Korea and Japan to legalize Bitcoin and other digital currencies, officially classifying them as money.
Is it not time to really take cryptocurrencies seriously?
Bitcoin: herald and hero of a new era
Today's best-known cryptocurrency – bitcoin – was also the first internet currency to enable payment via a decentralized network.
Bitcoin was created in 2009 – and is released over time based on breaking computer ciphers.
In contrast to the so-called fiat currencies (those imposed by the state), it has several advantages:
- It’s not subject to any central authority
- It allows direct payments
- It cannot be inflated
Why? Because the final amount of bitcoins in circulation is limited to 21 million up front (16.5 million has now been mined).
With Bitcoin, you have your accounts under your control. You can create a new account free of charge whenever you want and don't have to incur any bank charges.
If you're in the mood for a politically colored bitcoin video, have a look at this nine-minute activist pitch.
Can I make money with bitcoin?
Yes, it is possible. But don't be too rash.
In our opinion, it’s possible to ‘make some extra money’ with cryptocurrency. With some currencies even more than with bitcoin (purchases during ICO’s), but at a greater risk.
We'd rather trust more established currencies such as bitcoin or litecoin.
Here are ten practical tips and recommendations from us.
(No, this is not really financial advice, always do your own research and only invest as much as you're willing to lose.)
Teahouse's ten commandments for digital currencies
- Pick a cryptocurrency, you trust. Ideally one that has a limited final number of pieces, and one where you understand the potential of its use and believe it will benefit humankind.
- Don't trade in the short term – no one is able to predict whether the value will rise or fall. Cryptos still need several years to overcome the growing pains and rapid changes.
- Therefore go for the long term instead. For example, bitcoin has been growing since its inception, for 8 years already. There have been a few bubbles that have popped, but in the long run it's only growing. Some have even wagered their privates on its growth.
- Keep cryptocurrency in a safe place. For example, in a mobile or hardware wallet. Then nobody can ever steal from you: the private key is just with you. Here's a list of bitcoin wallets.
- Don't keep your cryptocurrency on an exchange. We have seen digital currency exchanges hacked in the past – and people have lost their money. Use the exchange only for the exchange and then put your money back into your wallet.
- Buy during panics when the prices crash. During times of positive excitement around cryptocurrencies, you will not get a good deal. However, if you are in it for the long term, then it almost doesn't matter when you buy.
- It's never too late to start and you can take your time. The ship still hasn't sailed. Only 1% of people in the world uses cryptocurrencies – so you can stay calm. Even if you start tomorrow, you will still be ahead of 99% of the population.
- Look at it as a savings account. Think about retirement. It is a useful mindset to have. If you do not touch the coins before retirement then you've won. Or you can leave them ‘unattended’ for at least 5-10 years.
- You can also mine cryptocurrency yourself. It'd be much easier if you were MacGyver, had an empty space, cheap electricity and could cool it all and reduce noise. Mining is important for the ecosystem of the entire network.
- Be fair and pay tax on your cryptocurrency where the law requires it. The fewer reasons we give to tax authorities to hate digital currencies, the more open governments will be to the technology of the future.
You can get a deeper look into cryptocurrencies and the blockchain technology by following Andreas Antonopoulos.
And finally, $10 for you as a gift
You're already wondering where to buy your first bitcoins, right?
We recommend the Coinbase exchange. It's a reliable service that adds $10 to your first purchase. And maybe to us ;)
If you aren't indifferent to cryptocurrency, share this article.
In a few decades, we might just all use bitcoin.
Or some completely different digital currency.